Sound money. Bitcoin critic. Austrian economist who actually read Menger, Mises and Hayek. Author of The Bitcoin Gambit on Substack.
UK and Ireland
Joined December 2022
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John Makan retweeted
JUST IN: 🇮🇷🇺🇸 Iran says its nuclear program will be completely excluded from upcoming talks until the US meets its demands.
John Makan retweeted
Shenzhen gold hub sees crowds as spot prices slip below $4,000/oz
Gold prices fell over the weekend, and the Shuibei market — a gold jewelry manufacturing and trading hub in the southern metropolis of Shenzhen, South China's Guangdong Province — saw a surge of visitors. Photos posted by netizens on Chinese social media platforms showed some aisles so crowded that people could barely move.
Netizens flooded the platforms with posts like "There are more people here buying gold than you'd find at a vegetable market," while "booming" and "packed with people" became buzzwords. (Global Times)
John Makan retweeted
All gold shops in Little India in Singapore are literally packed! Never seen goldsmiths that busy, gold bottom shouldn't be that far...
John Makan retweeted
That's 20% of annual supply gobbled up in 6 months, and silver prices are down 56%. 😂
🚨BREAKING HUGE: INDIA AUTHORIZES IMPORTS OF UP TO 209 MILLION OUNCES OF SILVER OVER THE NEXT 6 MONTHS⚠️ 👀
🇮🇳While silver prices endure a BRUTAL BEATDOWN, Indian authorities just quietly authorized imports of 6,500 metric tons of silver over the next 6 months- a full 1/4 of GLOBAL silver production‼️
🏦The bullion banks just collectively shuddered...
John Makan retweeted
China continues to dramatically underrepresent how much gold the PBOC is buying every month. According to trade data, China bought 25 tonnes (vs 20 officially) and another 23 tonnes in September according to the WGC. Meanwhile gold just dropped to a 3 month low below $4,000/oz
My feed is flooded with foreign accounts I have never seen before all promoting the "lab created gold" story.
I expected the usual Bitcoin propagandists to be all over it, but all these foreign accounts is suspicious 🤔
John Makan retweeted
No need to worry. There is 0% chance of this outcome. That was a secular peak with stocks emerging from a secular low. We have the opposite today.
John Makan retweeted
Rynek srebra ma w zwyczaju wyrzucać za burtę.
Wszystko wskazuje na to, że tym razem prawdopodobnie będzie tak samo 👇
John Makan retweeted
What’s actually going on in Ukraine is that there is a massive incentive difference between the elites and the people.
The former have grown very rich off the hundreds of billions flowing to Ukraine, while the latter’s children are conscripted to die in trenches.
384k followers.
Posts clueless AI slop thinking it's a hot take.
🚨 WARNING: SOMETHING TERRIBLE JUST HAPPENED!!
A U.S. private company just successfully produced Gold in a lab.
They’re aiming to produce 10 times more gold than CERN.
Back in 2024, lab-grown diamonds crashed the diamond market by over 60%.
When lab-grown gold hits the market, the gold industry will face an even bigger collapse.
And if you think other markets won’t feel the impact...
You're terribly WRONG.
On October 21, San Francisco startup Marathon Fusion successfully turned mercury into real, stable gold.
Now, they’re building a massive fusion reactor to produce gold at scale.
This will challenge one of gold’s biggest advantages: its scarcity.
And when technology changes the supply, entire industries face a brutal reset.
This isn’t just about science.
It’s about economics, pricing, and what happens when scarcity gets challenged.
LAB-GROWN DIAMONDS: THE WARNING SIGN
Not long ago, natural diamonds dominated the market.
They were considered rare.
They carried a premium.
Buyers believed their value was impossible to challenge.
Then lab-grown diamonds entered the picture.
Lab-grown diamonds cost 10x less yet were better than natural diamonds.
An average 1-carat natural diamond previously cost $10,000 before dropping to $3,900 in a matter of months.
Many traditional suppliers felt the pressure instantly and nearly went bankrupt.
When technology disrupts scarcity, the market changes.
And gold will face the same problem.
Gold has always benefited from its scarcity.
Investors buy it as a store of value.
Central banks hold it as a reserve asset.
Markets treat it as a hedge against uncertainty.
But what happens when gold can be produced in a laboratory?
The potential consequences are enormous:
→ New questions about long-term supply
→ Pressure on gold’s scarcity premium
→ Uncertainty across mining and precious metals markets
The biggest risk isn't just the technology itself.
It's how the market reacts to what it believes the technology will eventually achieve.
THE RIPPLE EFFECT WILL BE MUCH BIGGER
Gold isn't an isolated market.
Its price influences entire industries and investment strategies.
If laboratory production ever becomes commercially viable at scale, the consequences will extend far beyond gold:
→ Mining companies facing new valuation risks
→ Investors reassessing traditional safe-haven assets
→ Precious metals markets confronting a new source of uncertainty
Markets don't wait for every technological breakthrough to become mainstream.
They price in expectations long before the full impact arrives.
People assume that because gold is rare today, its scarcity will always protect its value.
But technology has repeatedly changed what markets consider scarce.
Lab-grown diamonds already demonstrate how production methods can reshape pricing.
When the economics of gold change, the consequences will be enormous.
I've spent over 12 years studying market events like these and calling market tops and bottoms.
If you want to be among the TOP 1% and survive the 2026-2027 cycle, follow me and turn on notifications.
Many will regret ignoring this warning.
John Makan retweeted
Silver’s Buy season in the on deck circle
India has issued permits to import around 6,500 metric tons of silver over the next six months as the world's biggest consumer of the precious metal seeks to meet festive-season demand
business-standard.com/econom…
So close to a bottom here in silver, one more leg down here which I expect to be small. I don't think we test $50 but let's see what the next leg down brings - could be a large wick (buyers come in and take it all)
John Makan retweeted
2026 is probably the most psychologically exhausting year I've ever witnessed.
Almost everyone I speak to is fighting a different battle. Money isn't coming in. Businesses are struggling. Relationships are falling apart. Marriages are reaching breaking points. People who once had everything figured out are questioning their entire existence.
And it's not just financial net worth that's declining. People's psychological net worth is getting absolutely fucking destroyed.
I've survived multiple bear markets, crashes and some seriously fucked up years, but this one feels different.
It's like everyone is fighting a war nobody else can see.
I genuinely wonder, is this happening everywhere, or are we all just surrounded by people going through the same hell?
John Makan retweeted
As silver drifts lower—seemingly more than any other commodity—I believe the risk of force majeure increases tremendously.
If force majeure ever happens, it’ll happen at the lowest price possible, not the highest.
That’s the bailout. It saves the bankers the most money.
Short positions haven’t meaningfully declined since silver’s January peak. Instead, they keep selling short, suppressing the price.
But the result is a low silver price and a massive short position—a prime setup for another historic short squeeze, repeating what we saw in 2025.
They’re trapped, and they can’t get out.
As mentioned in my tweet below, registered silver covers only 18% of open interest.
If they collude to force a bailout and cash-settle at these depressed prices, just 20,000 contracts standing for delivery on the same day would take every last ounce of registered silver.
The result? Cash settlement at $50, followed by a violent repricing into triple digits.
In reality, it would take far fewer contracts to trigger force majeure. They wouldn’t wait until the vaults were empty to declare it.
This could happen any day.
If not, sit back, stack, and wait for the next short squeeze.
The Comex has 100M oz. of registered silver available for sale.
At $57 an oz., that’s $5.7B worth of silver.
Meanwhile, there are 112,000 silver futures contracts outstanding, representing 560M oz. of silver.
That means registered inventory covers just 18% of the silver represented by futures contracts.
For less than $6B, a nation-state or billionaire could theoretically buy up the entire registered silver inventory on the Comex.
The disconnect between paper exposure and physical supply poses a serious systemic risk if market participants begin demanding delivery.
Gold is all around us in the earth, waterways and space. For all practical purposes it is infinite, but what enables it to perform the integrated functions of money better than any other good are the economics of its particular supply elasticity.
Economics that will never make sense for the transmutation experiment that is being heralded as the death of gold.
197k followers.
I might just quit this app. I do not have the level of retardation required to succeed here.
